Oil companies Current Affairs, GK & News

RIL warns of KG-D6 shutdown, govt shows CAG’s red card

July 21, 2012

The tussle b/w Reliance Industries and the petroleum ministry over the future of India’s significant gas acreage reached to a full blown confrontation. Reliance and its partner BP have indicated the shutdown of the country’s biggest gas discovery- KG-D6 in 2015 if the government did not approve its long-pending investment proposals and revised capital expenditure ..

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Deepwater Horizon: BP agrees to pay $7.8-billion settlement

March 5, 2012

British Petroleum agreed to pay $7.8 billion in to resolve private plaintiffs affected by the spill from one of its wells in the Gulf of Mexico Oil Spill disaster in April 2010. The proposed settlement presents a substantial advancement towards settling issues from the Deepwater Horizon accident and adding further to economic and environmental restoration ..

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